"While market activity remains patchy across locations and property type, some agents are reporting their busiest new year since the onset of the credit-crunch"
- Miles Shipside, director at Rightmove
The average asking price for a property in Britain soared to its highest level since February 2008, as the market begins to see encouraging signs of activity, according to the Rightmove House Price Survey. The average price of newly marketed property climbed to £235,741 in February, the price which is only £2,115 less than the average price prior to Lehman Brothers collapse. On a monthly basis prices rocketed 2.8%, while on a year-on-year basis, prices rose by 1.1%. The report also showed increased volume of property inquiries and a higher level of engagement, also reflecting that the property market is gaining momentum. Even though asking prices are not always matched by eventual selling prices, they can be a good indication of trends. Earlier this month, a report by the Office of National Statistics showed that the average price achieved across the country last December stood at £233,000, up 3.3% over the year.
"While market activity remains patchy across locations and property type, some agents are reporting their busiest new year since the onset of the credit-crunch. While encouraging, it's far too early to pop the champagne corks as certain sectors will remain on ice until the return of wider-spread mortgage availability," Miles Shipside, director at Rightmove, said in the statement.
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